Japanese multinational corporation Panasonic plans to commence work on its greenfield plant in Sri City in Andhra Pradesh in May, where it expects to invest about ₹650 crore.
The company expects to complete the new plant, its eighth in the country, within 12 months and make it a facility to boost volumes within the country while making it a hub for exports in the region. The plant has the potential to provide employment to about 1,800 people.
The diversified company — which recently merged Panasonic Life Solutions, a business focussing on electrical construction materials, and Panasonic India, which is into appliances — is considering merger of Panasonic Appliances to form one big diversified entity for electrical construction, appliances and other businesses.
Vivek Sharma, Managing Director of Panasonic Life Solutions India, said: “The merged entity of Panasonic Life Solutions and Panasonic India is expected to close this financial year with revenues of about ₹10,000 crore. We expect to see a growth of about 15 per cent in 2020-21. We are also in the process of finalising plans for merger of the Panasonic Appliances business, based in Chennai, which has a revenue of about ₹1,000 crore.”
Interacting here after the launch of its first exclusive brand store in Hyderabad, Sharma told BusinessLine, “Panasonic plans to launch 130 such brand stores across the country for a pan-India presence, and of this, 100 stores would be set up in 2020-21. All of them would be developed through the franchise route.”
“The merger of all these entities is aimed at presenting Panasonic as a single brand offering a wide variety of products and solutions. We have more than 8,000 products under the Panasonic fold,” he said.
Reference: The Hindu Business Line